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Spartanburg bank reports 45% jump in income


Staff Report
Published Nov. 7, 2012

Spartanburg-based Carolina Alliance Bank said Wednesday that net income for the first nine months of the year increased 45.5% from the prior-year period to $1.14 million.

Total assets declined 2.8% to $247.1 million, while gross loans grew 5.9% to $173 million, the bank said. Total deposits decreased 1.5% to $206.6 million.

Nonperforming assets were $2.9 million at Sept. 30, which is 1.16% of total assets, and higher than a year prior, when nonperforming assets were $1.8 million, or 0.71% of total assets. The allowance for loan losses was $3.5 million, which is 2.02% of gross loans.

“We are proud to report positive results, both for our financial performance and capital position,” Chairman Terry L. Cash said in a news release. “Given the ongoing challenges we all face in this unfavorable economy, we are encouraged by another positive quarter.”

Previous coverage

Carolina Alliance reports strong Q1
Carolina Alliance reports record quarter
Carolina Alliance hires vice president


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